Principal Subsidiaries and Non-Controlling Interests in Subsidiaries

12 Months Ended

Oct. 31, 2019

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Principal Subsidiaries and Non-Controlling Interests in Subsidiaries

31 Principal Subsidiaries and Non-Controlling Interests in Subsidiaries

(a) Principal subsidiaries(1)

The following table presents certain operating subsidiaries the Bank owns, directly or indirectly. All of these subsidiaries are included in the Bank’s consolidated financial statements.

		Carrying value of shares
As at October 31 ($ millions)	Principal office	2019		2018
Canadian
1832 Asset Management L.P.	Toronto, Ontario	$	1,691	$	1,524
BNS Investments Inc.	Toronto, Ontario		14,292		13,870
Montreal Trust Company of Canada	Montreal, Quebec
National Trust Company	Stratford, Ontario		449		415
Roynat Inc.	Calgary, Alberta		439		432
Scotia Capital Inc.	Toronto, Ontario		1,634		1,391
Scotia Dealer Advantage Inc.	Burnaby, British Columbia		642		592
Scotia Life Insurance Company	Toronto, Ontario		20		219
Scotia Mortgage Corporation	Toronto, Ontario		675		588
Scotia Securities Inc.	Toronto, Ontario		47		40
Tangerine Bank	Toronto, Ontario		3,629		3,525
Jarislowsky, Fraser Limited	Montreal, Quebec		952		947
MD Financial Management Inc.	Ottawa, Ontario		2,639		2,612
International
Scotiabank Colpatria S.A. (51%)	Bogota, Colombia		1,251		1,221
The Bank of Nova Scotia Berhad	Kuala Lumpur, Malaysia		326		318
BNS International (Bahamas) Limited (formerly The Bank of Nova Scotia International Limited)(2)	Nassau, Bahamas		19,824		19,312
BNS Asia Limited	Singapore
The Bank of Nova Scotia Trust Company (Bahamas) Limited	Nassau, Bahamas
Grupo BNS de Costa Rica, S.A.	San Jose, Costa Rica
Scotiabank & Trust (Cayman) Ltd.	Grand Cayman, Cayman Islands
Scotiabank (Bahamas) Limited	Nassau, Bahamas
Scotiabank (British Virgin Islands) Limited	Road Town, Tortola, B.V.I.
Scotiabank (Hong Kong) Limited	Hong Kong, China
Scotiabank (Ireland) Designated Activity Company	Dublin, Ireland
Scotiabank (Turks and Caicos) Ltd.	Providenciales, Turks and Caicos Islands
BNS International (Panama) S.A.	Panama City, Panama
Grupo Financiero Scotiabank Inverlat, S.A. de C.V. (97.4%)	Mexico City, Mexico		4,512		3,901
Nova Scotia Inversiones Limitada	Santiago, Chile		5,096		5,100
Scotiabank Chile S.A. (75.5%)	Santiago, Chile
Scotia Holdings (US) Inc.(3)	New York, New York
Scotia Capital (USA) Inc.(3)(4)	New York, New York
Scotiabank Brasil S.A. Banco Multiplo	Sao Paulo, Brazil		382		386
Scotiabank Caribbean Holdings Ltd.	Bridgetown, Barbados		1,842		1,847
Scotia Group Jamaica Limited (71.8%)	Kingston, Jamaica
The Bank of Nova Scotia Jamaica Limited	Kingston, Jamaica
Scotia Investments Jamaica Limited	Kingston, Jamaica
Scotiabank (Belize) Ltd.	Belize City, Belize
Scotiabank Trinidad and Tobago Limited (50.9%)	Port of Spain, Trinidad and Tobago
Scotiabank (Panama) S.A.	Panama City, Panama
Scotiabank Uruguay S.A.	Montevideo, Uruguay		489		490
Scotiabank de Puerto Rico	San Juan, Puerto Rico		1,017		1,555
Scotiabank El Salvador, S.A. (99.6%)	San Salvador, El Salvador		325		686
Scotiabank Europe plc	London, United Kingdom		2,418		2,432
Scotiabank Peru S.A.A. (98.05%)	Lima, Peru		5,676		4,877
Banco Dominicano del Progreso, S.A. – Banco Multiple (98.29%)	Santo Domingo, Dominican Republic		402		–

(1) The Bank (or immediate parent of an entity) owns 100% of the outstanding voting shares of each subsidiary unless otherwise noted.

(2) Effective April 5, 2019, the name was changed to BNS International (Bahamas) Limited.

(3) The carrying value of this subsidiary is included with that of its parent, BNS Investments Inc.

(4) The carrying value of this subsidiary is included with that of its parent, Scotia Holdings (US) Inc.

Subsidiaries may have a different reporting date from that of the Bank of October 31. Dates may differ for a variety of reasons including local reporting requirements or tax laws. In accordance with our accounting policies, for the purpose of inclusion in the consolidated financial statements of the Bank, adjustments are made where significant for subsidiaries with different reporting dates.

(b) Non-controlling interests in subsidiaries

The Bank’s significant non-controlling interests in subsidiaries are comprised of the following entities:

	As at and for the year ended
				2019				2018
	Non-controlling interest %			Non-controlling interests in subsidiaries		Dividends paid to non-controlling interest		Non-controlling interests in subsidiaries		Dividends paid to non-controlling interest
Scotiabank Chile S.A.(1)		24.5	%	$	1,017	$	38	$	917	$	115
Scotiabank Colpatria S.A.(2)		49.0	%		564		12		519		–
Scotia Group Jamaica Limited		28.2	%		323		40		340		17
Scotiabank Trinidad and Tobago Limited		49.1	%		380		52		365		49
Other		0.1% 49.0%	–  (3)		386		8		311		18
Total				$	2,670	$	150	$	2,452	$	199

(1) Non-controlling interest holders for Scotiabank Chile S.A. have a right to sell their holding to the Bank at fair market value that can be settled at the Bank’s discretion, by issuance of common shares or cash.

(2) Non-controlling interest holders for Scotiabank Colpatria S.A. have a right to sell their holding to the Bank after the end of 7th anniversary (January 17, 2019) and at subsequent pre-agreed intervals, into the future, at fair market value that can be settled at the Bank’s discretion, by issuance of common shares or cash.

(3) Range of non-controlling interest % for other subsidiaries.

Summarized financial information of the Bank’s subsidiaries with significant non-controlling interests are as follows:

	As at and for the year ended October 31, 2019								As at and for the year ended October 31, 2018
($ millions)	Revenue		Total comprehensive income		Total assets		Total liabilities		Revenue		Total comprehensive income		Total assets		Total liabilities
Total	$	4,700	$	313	$	86,435	$	78,851	$	3,615	$	173	$	80,352	$	73,449